2010 'may see growing interest in debt management plans'

This year may see a greater amount of people consider the adoption of debt management plans, an expert has noted.

Moneysupermarket.com's head of loans and debt Tim Moss believes that applications for such plans may go up by as much as 30 per cent in the coming months.

While debt management schemes might be an option for those struggling to manage credit card debt, Mr Moss suggests that there are a number of things consumers need to be aware of before signing up for a plan.

"If you are going to use a debt management company you should only do so with your eyes wide open," he commented.

The expert suggested that DEMSA OFT Approved Code accreditation may be one thing that people should look for when assessing the credentials of debt management companies.

Meanwhile, the Consumer Credit Counselling Service has recently highlighted the debt advice that it can provide to people with financial problems.

Posted by Gemma Walker.